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Stock market news today: Dow sinks as Powell deflates rate-cut hopes

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Dow sinks more than 500 points after Fed delivers soft rate hike but Powell pushes back on expectations of cuts this year

US stocks swung lower Wednesday after Federal Reserve Chairman Jerome Powell tossed cold water on speculation that policymakers are set to deliver rate cuts this year. fed funds rate by 25 basis points

, in line with market expectations to bring the key rate to its highest level since 2007. The rate now stands at 4.75%-5%. Policymakers in their statement stripped out reference to"ongoing increases" in interest rates, and its view on the terminal rate remained at 5.1%. But stocks turned lower after Powell in answering questions during his press conference indicated expectations of rate cuts this year were off track."That's not our baseline expectation," he said. Stocks were also under pressure as Treasury Secretary Janet Yellen said during a Senate committee hearing that regulators were not looking at providing"blanket" deposit insurance for the banking system, which has been shaken after the collapse of Silicon Valley Bank.

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